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Neuroprosthetics Market Analysis North America, Asia, Europe, Rest of World (ROW) - US, China, Japan, Germany, Canada - Size and Forecast 2024-2028

Neuroprosthetics Market Analysis North America, Asia, Europe, Rest of World (ROW) - US, China, Japan, Germany, Canada - Size and Forecast 2024-2028

Published: Jul 2024 148 Pages SKU: IRTNTR74318

Market Overview at a Glance

$5.68 B
Market Opportunity
10.03%
CAGR
8.88
YoY growth 2023-2024(%)

Neuroprosthetics Market Size 2024-2028

The neuroprosthetics market size is forecast to increase by USD 5.68 billion at a CAGR of 10.03% between 2023 and 2028.

  • The market: Trends, Challenges, and Drivers the market is experiencing significant growth, driven by several key factors. The rising prevalence of spinal cord injuries (SCIs) and the increasing focus on research and development are major growth drivers. According to the National Spinal Cord Injury Statistical Center, there are approximately 17,730 new spinal cord injuries each year In the United States. Neuroprosthetics offer a viable solution for individuals with SCIs, enabling them to regain some level of motor function. Another trend In the market is the high cost of neuroprosthetics products. The development and production of these advanced devices require substantial investment, which can limit their accessibility to a large population.
  • However, ongoing research and advancements in technology are expected to bring down the costs and make neuroprosthetics more affordable. Despite these growth drivers, the market faces several challenges. The complex nature of the human nervous system and the need for customized solutions pose significant challenges In the development and production of neuroprosthetics. Additionally, ethical concerns and regulatory requirements add to the complexity of bringing neuroprosthetics to market. In conclusion, the market is poised for growth, driven by the rising prevalence of SCIs and increasing focus on research. However, high costs and challenges related to the development and production of these advanced devices present significant hurdles.
  • Addressing these challenges and continuing research and development efforts are essential to unlocking the full potential of neuroprosthetics and improving the lives of those with neurological conditions.

    • What will be the Size of the Neuroprosthetics Market During the Forecast Period?

    Neuroprosthetics Market Size

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  • The market encompasses the production and sale of advanced technologies designed to restore, replace, or enhance the function of the nervous system. Neuroprosthetic devices, including cochlear implants, deep brain stimulators, spinal cord stimulators, and vagus nerve stimulators, offer innovative solutions for individuals diagnosed with neurological disorders such as epilepsy, nerve injuries, hearing loss, Alzheimer's disease, Parkinson's disease, and traumatic brain injury. These chronic conditions have gained significant healthcare awareness due to their prevalence and debilitating effects. Neuroprosthetics technologies continue to evolve, with ongoing research and development in areas like deep brain stimulation, spinal cord stimulation, and vagus nerve stimulation. The market's growth is driven by the increasing prevalence of neurological disorders, advancements in neuroscience, and the rising demand for non-invasive and minimally invasive treatment options.
  • PubMed Central and the World Health Organization are valuable resources for the latest research and information on neuroprosthetics and related conditions.

    • How is this Neuroprosthetics Industry segmented and which is the largest segment?

    The neuroprosthetics industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Application
      • Neuromodulation devices
      • Cognitive devices
    • Geography
      • North America
        • Canada
        • US
      • Asia
        • China
        • Japan
      • Europe
        • Germany
      • Rest of World (ROW)

      By Application Insights

      • The neuromodulation devices segment is estimated to witness significant growth during the forecast period.

      Neuromodulation devices, which provide electrical stimulation to the nervous system, offer significant potential in restoring impaired neural functions. These devices are particularly beneficial for managing movement disorders and chronic pain that are resistant to pharmacological interventions. Three primary types of neuromodulation exist: deep brain stimulation (DBS), spinal cord stimulation (SCS), and peripheral nerve stimulation. These devices are adjustable and reversible, enabling physicians to fine-tune electrical parameters using external programmers. Indications include conditions such as Parkinson's disease, essential tremor, primary dystonia, and peripheral vascular disease. Comprised of a lead, extension wires, and a neurostimulator, these devices are employed when pharmacological treatments prove insufficient.

      Neuromodulation is a promising solution for addressing neurological disorders, nerve injuries, hearing loss, Alzheimer's Disease, Parkinson's Disease, traumatic brain injury, and various chronic diseases. The aging population, with conditions like dementia, epilepsy, visual impairment, blindness, severe depression, auditory disorders, cardiovascular disorders, and kidney disorders, can significantly benefit from these advanced technologies.

      Neuroprosthetics Market Size

      Get a glance at the  Neuroprosthetics Industry report of share of various segments Request Free Sample

      The Neuromodulation devices segment was valued at USD 4.84 billion in 2018 and showed a gradual increase during the forecast period.

      Regional Analysis

      • North America is estimated to contribute 42% to the growth of the global market during the forecast period.

      Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

      Neuroprosthetics Market Share by Geography

      For more insights on the market share of various regions, Request Free Sample

      Neuroprosthetics, a subset of medical devices, have gained significant attention in healthcare due to their potential to alleviate symptoms of various neurological disorders. In 2023, North America held the largest market share In the global neuroprosthetics industry, driven by a high prevalence of conditions such as Alzheimer's Disease, Parkinson's Disease, epilepsy, and traumatic brain injuries. For instance, Alzheimer's Disease affects approximately 5.8 million Americans, with the number projected to triple by 2060. Neuroprosthetic devices, including deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation, are used to treat these chronic conditions. Neurostimulators, embedded systems, and external/wearable devices are popular types of neuroprosthetics.

      Neurological disorders, nerve injuries, hearing loss, and visual impairment are some of the primary indications for neuroprosthetics. As the aging population increases, the demand for neuroprosthetics to address physiological disorders, motor neuron disorders, and cardiovascular, kidney, and auditory disorders is expected to rise. Key neuroprosthetic applications include Parkinson's disease, Alzheimer's disease, and severe depression. The Netherlands, with its advanced healthcare infrastructure, is a significant contributor to The market.

      Market Dynamics

      Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

      What are the key market drivers leading to the rise In the adoption of Neuroprosthetics Industry?

      Rising prevalence of SCIs is the key driver of the market.

    • Neuroprosthetics have gained significant attention In the healthcare industry due to their potential in addressing various neurological disorders, including nerve injury, hearing loss, Alzheimer's Disease, Parkinson's Disease, and traumatic brain injury. According to PubMed Central, neuroprosthetic devices such as cochlear implants, deep brain stimulation systems, spinal cord stimulation devices, vagus nerve stimulation systems, and sacral nerve stimulation systems have shown promising results in managing these conditions. The increasing prevalence of chronic diseases and growing healthcare awareness have fueled the demand for advanced neuroprosthetic devices. For instance, the NIH reports approximately 12,000 new cases of spinal cord injury annually, leading to a substantial need for neuroprosthetic devices to help restore function and sensation.
    • Neurological disorders, including motor neuron disorders, epilepsy, visual impairment, blindness, severe depression, auditory disorders, cardiovascular disorders, and kidney disorders, significantly impact the quality of life and require effective treatment solutions. Neuroprosthetic devices, including external/wearable devices, neurostimulators, and embedded systems, offer innovative solutions to address these conditions. For example, local field potential recordings from cochlear implants and retinal implants have shown significant progress in restoring hearing and vision, respectively. The aging population and the rising disposable incomes have further boosted the market growth. The Netherlands, along with other developed countries, has been at the forefront of neuroprosthetics research and development.
    • In conclusion, the market is poised for growth due to the increasing prevalence of neurological disorders, the development of advanced neuroprosthetic devices, and the growing healthcare awareness. Neuroprosthetics offer a viable solution to manage various neurological conditions, including spinal cord injury, Alzheimer's Disease, Parkinson's Disease, and others, and are expected to significantly impact the healthcare industry In the coming years.

      • What are the market trends shaping the Neuroprosthetics Industry?

      Increasing focus on research is the upcoming market trend.

    • Neuroprosthetic devices have gained significant attention In the healthcare industry due to their ability to mitigate the effects of various neurological disorders, such as Parkinson's disease, Alzheimer's disease, epilepsy, motor neuron disorders, and traumatic brain injury. PubMed Central, a free access repository of biomedical and life sciences literature, has published numerous studies on the efficacy of neuroprosthetic devices in treating these conditions. One notable example is deep brain stimulation (DBS), which involves the implantation of electrodes In the brain to deliver electrical impulses that regulate abnormal brain activity. Houston Methodist and Rice University have conducted extensive research on DBS for Parkinson's disease and Alzheimer's disease, leading to improved motor functions and cognitive abilities.
    • Another type of neuroprosthetic device is nerve stimulation, which includes spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation. These devices have shown promising results in treating chronic diseases, such as hearing loss, visual impairment, severe depression, auditory disorders, cardiovascular disorders, and kidney disorders. Neurostimulators, embedded systems, and local field potential are essential components of these neuroprosthetic devices. Cochlear implants and retinal implants are popular examples of external/wearable devices that have revolutionized the lives of individuals with hearing loss and blindness, respectively. The aging population's increasing awareness of healthcare and the rising disposable incomes have fueled the demand for these devices.
    • The Netherlands, among other countries, has been at the forefront of neuroprosthetic research and development. In conclusion, neuroprosthetic devices have proven to be valuable tools in managing various neurological disorders, including brain disorders, neurological disorders, and physiological disorders. The continuous advancements in technology and research are expected to expand the scope of neuroprosthetic applications, offering new possibilities for individuals seeking relief and improved quality of life.

      • What challenges does the Neuroprosthetics Industry face during its growth?

      High cost of neuroprosthetics products is a key challenge affecting the industry growth.

    • Neuroprosthetics, a subset of prosthetics, involve the use of electrical signals to stimulate nerves and restore motor or sensory functions. Neuroprosthetic devices, including cochlear implants, deep brain stimulation systems, and spinal cord stimulators, are increasingly being used to treat neurological disorders such as hearing loss, Alzheimer's Disease, Parkinson's Disease, nerve injury, and epilepsy. For instance, Houston Methodist and Rice University are conducting research on neuroprosthetic devices for the treatment of neurological disorders. PubMed Central houses numerous studies on the effectiveness of neuroprosthetic devices in treating various conditions. The global market for neuroprosthetic devices is driven by the aging population, chronic diseases, and healthcare awareness.
    • However, the high cost of these devices, which can range from external/wearable devices like nerve stimulators to embedded systems like cochlear implants and retinal implants, is a significant barrier to their widespread adoption. While insurance coverage for neuroprosthetics is improving, many individuals face significant out-of-pocket expenses. Neuroprosthetic devices are being developed for various conditions, including visual impairment, blindness, severe depression, auditory disorders, cardiovascular disorders, kidney disorders, and motor neuron disorders. Technologies such as local field potential mapping and advanced neurostimulation techniques are being used to improve the efficacy and safety of neuroprosthetic devices. The Netherlands is a leading innovator in neuroprosthetic research and development, with a focus on developing minimally invasive and cost-effective solutions.
    • The market for neuroprosthetic devices is expected to grow significantly In the coming years, driven by advances in technology and increasing awareness of the benefits of these devices. In conclusion, neuroprosthetics offer a promising solution for individuals with neurological disorders, but their high cost and limited insurance coverage remain significant challenges. Ongoing research and development efforts, however, are leading to new and more cost-effective solutions, making neuroprosthetics increasingly accessible to a larger population.

      • Exclusive Customer Landscape

      The neuroprosthetics market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the neuroprosthetics market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

      Neuroprosthetics Market Share by Geography

       Customer Landscape

      Key Companies & Market Insights

      Companies are implementing various strategies, such as strategic alliances, neuroprosthetics market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

      Abbott Laboratories - The market encompasses advanced technologies designed to restore, replace, or enhance the function of the nervous system. One notable innovation is St. Jude Medical's Invisible Trial System for spinal cord stimulation. This neuroprosthetic device enables patients to evaluate the effectiveness of spinal cord stimulation therapy without the need for invasive surgical procedures. By providing a non-surgical option for trial, this system streamlines the decision-making process for both patients and healthcare providers. The Invisible Trial System represents a significant advancement In the field of neuroprosthetics, offering a less invasive approach to spinal cord stimulation therapy.

      The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

      • Abbott Laboratories
      • Boston Scientific Corp.
      • BrainGate
      • Cochlear Ltd.
      • EMOTIV
      • HI LLC dba. Kernel
      • MED EL Elektromedizinische Gerate GmbH
      • Medtronic Plc
      • NeuroMetrix Inc.
      • NeuroPace Inc.
      • Nevro Corp.
      • Paradromics Inc.
      • SensArs
      • Sonova AG
      • Soterix Medical Inc.
      • Zynex Inc.

      Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

      Research Analyst Overview

      The market: Overview Neuroprosthetics, a subfield of biomedical engineering, refers to the development of artificial devices that interface with the nervous system to restore, replace, or enhance its function. These devices have gained significant attention in recent years due to their potential to address various neurological conditions and disabilities. The market is driven by several factors, including the increasing prevalence of chronic neurological disorders, advancements in technology, and growing healthcare awareness. Neurological disorders, such as Parkinson's disease, Alzheimer's disease, epilepsy, and motor neuron disorders, affect millions of people worldwide, creating a substantial demand for effective treatment options. Moreover, an aging population and the increasing incidence of traumatic brain injuries have further fueled the growth of the market.

      The market is also witnessing significant advancements in technology, with the development of more sophisticated neurostimulators, embedded systems, and local field potential technologies. The market Dynamics the market is characterized by continuous innovation and research, driven by the need to address various neurological conditions and disabilities. Deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation are some of the commonly used neuroprosthetic therapies. Deep brain stimulation involves the implantation of electrodes In the brain to deliver electrical impulses, which can help alleviate symptoms of Parkinson's disease and other movement disorders. Spinal cord stimulation, on the other hand, is used to treat chronic pain by delivering electrical impulses to the spinal cord.

      Vagus nerve stimulation is another promising neuroprosthetic therapy, which has shown potential in treating various conditions, including epilepsy, depression, and anxiety. Sacral nerve stimulation is used to treat urinary incontinence and fecal incontinence. The market for neuroprosthetics is also witnessing the development of external/wearable devices, such as cochlear implants and retinal implants, which can help restore sensory functions. Cochlear implants, for instance, can help restore hearing in individuals with severe hearing loss, while retinal implants can help restore vision in individuals with blindness. The increasing disposable incomes and the growing awareness of various neurological conditions are expected to drive the demand for neuroprosthetic devices In the coming years.

      However, the high cost of these devices and the complex nature of their implementation remain significant challenges for the market. In conclusion, the market is poised for significant growth, driven by the increasing prevalence of neurological disorders, advancements in technology, and growing healthcare awareness. The market is characterized by continuous innovation and research, with various neuroprosthetic therapies, such as deep brain stimulation, spinal cord stimulation, vagus nerve stimulation, and sacral nerve stimulation, showing promising results in treating various neurological conditions and disabilities. The development of external/wearable devices, such as cochlear implants and retinal implants, is also expected to drive the growth of the market In the coming years.

      Market Scope

      Report Coverage

      Details

      Page number

      148

      Base year

      2023

      Historic period

      		 2018-2022

      Forecast period

      2024-2028

      Growth momentum & CAGR

      Accelerate at a CAGR of 10.03%

      Market growth 2024-2028

      USD 5675.7 million

      Market structure

      Fragmented

      YoY growth 2023-2024(%)

      8.88

      Key countries

      US, China, Japan, Germany, and Canada

      Competitive landscape

      Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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      What are the Key Data Covered in this Neuroprosthetics Market Research and Growth Report?

      • CAGR of the Neuroprosthetics industry during the forecast period
      • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
      • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
      • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
      • Growth of the market across North America, Asia, Europe, and Rest of World (ROW)
      • Thorough analysis of the market’s competitive landscape and detailed information about companies
      • Comprehensive analysis of factors that will challenge the neuroprosthetics market growth of industry companies

      We can help! Our analysts can customize this neuroprosthetics market research report to meet your requirements.

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      Table of Contents not available.

      Research Methodology

      Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

      INFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases

      DATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts

      REPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape

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      Frequently Asked Questions

      Neuroprosthetics market growth will increase by $ 5675.7 mn during 2024-2028.

      The Neuroprosthetics market is expected to grow at a CAGR of 10.03% during 2024-2028.

      Neuroprosthetics market is segmented by Application( Neuromodulation devices, Cognitive devices)

      Abbott Laboratories, Boston Scientific Corp., BrainGate, Cochlear Ltd., EMOTIV, HI LLC dba. Kernel, MED EL Elektromedizinische Gerate GmbH, Medtronic Plc, NeuroMetrix Inc., NeuroPace Inc., Nevro Corp., Paradromics Inc., SensArs, Sonova AG, Soterix Medical Inc., Zynex Inc. are a few of the key vendors in the Neuroprosthetics market.

      North America will register the highest growth rate of 42% among the other regions. Therefore, the Neuroprosthetics market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

      US, China, Japan, Germany, Canada

      • Rising prevalence of SCIsThere is an increasing demand for neuroprosthetics due to their significant usage in the treatment of spinal cord injury (SCI). Neuroprosthetic devices help in restoring function and sensation to individuals with SCI is the driving factor this market.
      • which is the driving factor this market.
      • in turn is the driving factor this market.
      • has a positive impact on the sales of neuroprosthetic devices in the global market. According to the National Institutes of Health (NIH) is the driving factor this market.
      • approximately 12 is the driving factor this market.
      • 000 new cases of SCI are reported annually across the world. SCI causes partial paralysis and restricts people with such injuries from doing normal everyday activities is the driving factor this market.
      • which has a negative impact on the individual health and well-being. Such individuals exhibit compromised physical endurance with limited physical capabilities. Neuroprosthetics and neuromodulation devices like functional electrical stimulators (FES) enables people who suffer from acute or chronic SCI to do physical activities is the driving factor this market.
      • such as standing and walking. Neuroprosthetics is a powerful adjunct to traditional physical therapy to improve ambulatory functions. It consists of an implanted receiver-stimulator is the driving factor this market.
      • intramuscular electrodes is the driving factor this market.
      • a wearable external control unit is the driving factor this market.
      • a finger switch is the driving factor this market.
      • and a transmitting coil. People who have SCI experience restricted movement of their body parts is the driving factor this market.
      • and hence is the driving factor this market.
      • neuromodulation devices can reversibly modify the brain and nerve cell activities with the help of implantable and non-implantable devices that deliver electrical and chemical signals. These devices re-establish normal neural balance in the brain. SCS is also used to treat chronic neuropathic pain. Factors that lead to spinal injuries include road traffic accidents is the driving factor this market.
      • acts of violence is the driving factor this market.
      • falls is the driving factor this market.
      • and sporting accidents. SCIs associated with these factors sometimes require the individual to visit emergency departments of healthcare facilities due to severely impaired health conditions. In emergency rooms is the driving factor this market.
      • neuromodulation devices for neuroprosthetics that help in the immediate treatment of muscle spasms are used as this prevents muscle atrophy is the driving factor this market.
      • keeps the muscle active is the driving factor this market.
      • and maintains neural balance. According to the Centers for Disease Control and Prevention(CDC) is the driving factor this market.
      • SCI is one of the leading causes of paralysis among people in the US. It significantly affects the mental and physical health of individuals suffering from paralysis. The growing incidence of SCI increases the demand for neuroprosthetics devices. In addition is the driving factor this market.
      • it provides a lucrative opportunity for vendors in the global neuroprosthetics market to grow during the forecast period. is the driving factor this market.

      The Neuroprosthetics market vendors should focus on grabbing business opportunities from the Neuromodulation devices segment as it accounted for the largest market share in the base year.